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That omits the essential fact that economies tend to grow - quite a bit over your lifetime. 2% compounded annual growth over 50 years will result in the economy
by mmooss 1y ago
That omits the essential fact that economies tend to grow - quite a bit over your lifetime. 2% compounded annual growth over 50 years will result in the economy being 2.7x its starting size.
- SpicyLemonZest 1y agoEconomic growth in the abstract doesn't help much, because a retiree is only on the consumer side of the equation. 2% compounded annual growth over 50 years will result in the average worker consuming a lot more stuff, and they're not going to be happy if they have to throw that all out and embrace a 1970s-era standard of living when they retire.
- mmooss 1y ago> Economic growth in the abstract doesn't help much True, but economic growth is very real.
- tossandthrow 1y agoWhy? And established elsewhere is this post, people apparently don't want to live like we did 50 years ago, so economic growth has merely been translated into inflated expectations.
- mmooss 1y ago> economic growth has merely been translated into inflated expectations It's been translated into far better services too.